What GMX governs
GMX is a DeFi protocol governance token, currently ranked 238th by market capitalization among the assets we track. GMX is the governance token of a DeFi protocol: holding it is less like owning a currency and more like owning a vote over how the protocol runs — and, in some designs, a share of the fees it collects.
GMX is a decentralized spot and perpetual exchange that allows users to trade various cryptocurrencies with up to 50x leverage and earn rewards through liquidity provision. It aims to provide a user-friendly trading experience while maintaining low fees and high efficiency.
How value is supposed to accrue
DeFi tokens are worth something when the protocol generates fees and routes value to holders — through revenue share, buybacks, or governance over a real treasury. Without that link, a governance token is just a vote.
GMX is not mined; it is issued as a token rather than secured by its own mining or staking layer.
Background & fundamentals
GMX operates under a semi-centralized structure, which concentrates protocol decisions in an identifiable issuer or foundation. CoinPaprika classifies the project's development status as "Working product". In sector terms it is most often filed under Avalanche (AVAX) Token, Arbitrum Ecosystem, and Derivative.
Where GMX sits in the market
At $5.33, GMX carries a market capitalization of $54.89M. Around $5.82M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 10.60% of the float — elevated, often a sign of narrative-driven trading.
About 76% of the hard cap of 13.3M GMX has been minted, leaving only modest issuance ahead. GMX remains -94% beneath its all-time high of $91.09, the kind of gap that historically takes a full cycle or a fresh catalyst to close.
What the price history shows
Recent moves read 24-hour -2.07%, 7-day -4.57%, 30-day -4.54%, 1-year -56.59%. GMX is currently trading near the bottom of its 365-day range (around the 7th percentile of recent closes).
Volatility profile
Recent action puts GMX in the Moderate-volatility band — it shows the kind of price movement common in mid-cap crypto assets — meaningful but not unusual. Over the last 30 days the move totals -4.54%, a useful input for stop placement and position sizing.
How to evaluate a DeFi token like GMX
For an asset of this type, three lenses matter most:
- Protocol revenue — fees the application actually earns, and whether any of it reaches GMX holders.
- Total value locked — how much capital trusts the protocol — and how sticky it is versus mercenary yield.
- Token utility — whether GMX is load-bearing (governance over real value, fee rights) or decorative.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
